Cash for Clunkers:
A clunker that travels 12,000 miles a year at 15 mpg uses 800 gallons of gas a year. A vehicle that travels 12,000 miles a year at 25 mpg uses 480 gallons a year.
The government claims 700,000 vehicles were exchanged so that’s 224 million gallons saved per year.
That equates to a bit over 5 million barrels of oil.
To put this perspective, 5 million barrels is about 5 hours worth of US consumption.
More importantly, 5 million barrels of oil at $95 per barrel costs about $475 million dollars.
The government PAID $3 BILLION to save $475 million.
What is the ROI ?
Do you think it was worth it?